In Elliott Wave terms, Hxro began a wave one advance on June 27. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on June 30, and the red wave two (blue sub-waves a-b-c) correction ended on July 13. If this wave count is correct, Hxro should be heading next towards the June 30 peak in the red wave three.
Hxro is a player-vs-player crypto gaming platform that intersects trading with skill-based social gaming. Jacob Canfield tested the game earlier this year.
Not only altcoins have been suffering the market correction…People, trying to increase desperately their stakes on BITCOIN is what we have seen these days…Everyone is panic selling their altcoins in order to avoid losing further…but this action does not avoid at all the losses since what we can see today is that the 24h volume of TETHER (USDT) is increasing while BITCOIN volume is decreasing…
During the past few days the volume between Tether and BITCOIN has stayed under equilibrium, in a proportion of 1 to 1, meaning that, for instance, we had exactly the same amount of Volume (24h) as you can see below in the pic I get yesterday:
Now, we have 1 Billion difference, meaning that BITCOIN is being Shortening .
I confess I did sell some BTC a couple of days ago as well, since the forecast seems clear and the count launches a 3-3-5 Correction…
Now, I am going to be focused on two main price levels:
The range between 9400 and 9700 USD
The 8800 USD price level which is the target of the HS pattern.
Observing these two levels can bring me the chance to get between 17 and 25% more bitcoin and so getting more BTC for the same amount of FIAT (Dollar averaging).
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
Last night I was looking at the weekly chart of bitcoin and chatting with other crypto investors on the steemleo discord server.
I pulled up a weekly chart of bitcoin and pasted it in chat and said “who would buy that chart?”
At the time bitcoin was at 11,300…..I woke up this morning to see exactly why I said that as we have seen bitcoin (and others) sell off hard in the past 8 hours.
Kidding aside, it screamed don’t buy me yet
Looking at this chart you can see the reversal candle from a few weeks ago that the bulls decided they were going to to and trump and nearly did so. However, price was not able to breach that prior high at 13,900 and rolling back down price came.
Now this week’s candle is set to close in about 8 hours and has an ugly upper wick and room on the down side with support at 9,800 and the 10 period moving average still far away, currently at 9,200 and likely to move up to 9600 or so with the new candle.
Alot of signs saying price will test 10K again.
This is not to say one should have sold out or shorted last night….it just goes back to the title of this post:
“Who Would Buy That Chart”
If you want to learn how I read charts and the three simple things I use to trade crypto check out my scaredycat to investing in crypto videos. They are free to watch and are not on youtube.
In Elliott Wave terms, AAC began a wave one advance on February 19. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on April 8, and the red wave two (blue sub-waves a-b-c) correction ended on July 11. If this wave count is correct, AAC should be heading next towards the April 8 peak in the red wave three.
Well, if you hoping for a one-way ride to new all-time highs – you’ve been disappointed. Bitcoin is going to have to do a bit more heavy lifting before we see blue skies. You may yet get another opportunity to accumulate BTC at sub 10k. Regardless, the crypto sky isn’t falling but some pointless Alts are certainly dying.
Crypto just crossed Donald Trump’s desk – he ‘thinks’ he doesn’t like it. My guess – Libra was explained to him -Bitcoin was referenced during that explanation. Libra = Facebook. Facebook is bad (usually unkind to the President). By extension Libra = bad and by association – Bitcoin = bad. Let’s see how this ‘stance’ develops in the coming months.
Skip (insert random Netflix item here) and watch this instead (highly recommended):
A cautious interpretation of BTC price movement in its current pattern – may provide an entry opportunity if you have found yourself on the sidelines but keen to enter a position on Bitcoin:
Don’t hold your breath waiting on central banks to appoint crypto friendly leadership:
Infographic
A visual explanation of China’s Social Credit System:
That’s it for this week’s crypto recap. As always, looking forward to your comments and suggestions.
Note on Sources:
Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.
Bitcoin is currently dancing right on top of the $11,000 support. Bears are threatening a break down that would lead to at least $10,650, if not lower.
Zooming in on the 4 hour chart, we can see the Bollinger bands starting to bottleneck. The 8, 21 and 55 day EMA are all converging with the 50 day MA. This suggests a larger move is likely to take place over the next 2 days.
In today’s video we discuss where price may go from here, key areas to watch, targets and so much more. I also answer some of your questions. I hope you find it helpful.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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As I wrote before, everything seems to indicate a 3-3-5 Flat Correction and I don’t like the “shape” of this chart at all… even more when I see a very ugly H&S pattern in formation right now…
Volume keeps falling and the 11300 USD resistance is acting strongly as so, there is a lot of selling pressure at that level.
I am keeping the 9400 USD support as a good one historically but the H&S pattern is pointing 8800 USD as a target if BITCOIN falls below 11000 USD right now…both levels should be good enough for BITCOIN to rebound and reach new highs.
Regarding the expected “altcoin Season”
The total 24-hours trading Volume is currently at 60 Billion, 20 Billion ascribed to Tether and 20 Billions to Bitcoin, the rest is divided among the others top 100 altcoins….
This proportion of 33% for Tether and 33% to Bitcoin is almost constant…what means is that there is no altcoin season for the moment but only BITCOIN and USDT accumulation.
The future scenario of the whole market is now on play.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
In Elliott Wave terms, Elrond began a wave one advance on July 4. The red wave one finished on July 4, and the red wave two correction ended on July 11. If this wave count is correct, Elrond should be heading next towards the July 4 peak in the red wave three.
ZEC seen from the temporality of 1D we can see how the price maintains an uptrend, the structure is forming a diagonal leading, one of my favorite setup bullish, the price in its retreat is managing to stay above the second minimum of this formation, I have drawn a blue diagonal as confirmation, if the price manages to close above the key support located in the 90.86 and stay above the diagonal, the odds of a next bullish move are very high, if all goes well, in the chart above I have pointed out our target within a blue rectangle located in the price range of 176.68 – 182.62.
ZEC seen from the temporality of 4H we can observe more closely the current movement, we see how the price is recovering after the strong backward movement that had not only ZEC if not all the alts market in general, the price in 4H shows oversold and begins to show bullish divergence, the formation is of an inverted SHS, the most bullish setup, I have traced in the image above the possible trajectory that should follow the price after closing above the key support, we should see a bullish movement that reaches the level of important offer located in the 105.93, after this movement the price should form a higher minimum to have confirmation of a much larger bullish movement, as suggested by the trajectory I have drawn in the chart.
In conclusion, ZEC maintains a high value bullish setup, the price has managed to find demand close to an important level, to get the daily candle close above 90.86, the upside probabilities will be very high, a retracement below 75 would invalidate the pattern, currently the price is at 91 but with good momentum that could be enough to claim support and continue to rise, however, the whole zone between the price range of 90 – 75 is in demand and is valid to maintain a bullish setup, I therefore recommend to be very attentive to the closing of the daily candle and wait for confirmation, fortunately, the BTC remains above 11141 and I see it with many possibilities to continue to rise in both 1D and H4, even so do not neglect your operations.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.
Workin
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